This law is about what happens when a shared money fund runs low. If there is not enough money in the fund to pay everyone who is owed money in a given year, each person gets a share based on how big their claim is compared to all the other claims. Whatever is left unpaid gets paid the next year. On the other hand, if the fund has extra money left over at the end of the year, the board can choose to give some of that extra money back to the groups that paid into the fund.
537.750. Exhaustion of , to be . — 1. If the fund be exhausted by the payment of all s and claims allowed during a particular , amounts paid to each or person obtaining a judgment shall be prorated, with each person receiving an amount equal to the percentage his own payment bears to the total of claims and judgments outstanding and payable from the fund. Any amounts due and unpaid as a result of such proration shall be paid in the following fiscal year.
2. If, at the end of any fiscal year, the fund has a balance exceeding projected needs, and adequate , the may refund on a basis to all participating an amount based on the of the for the immediately preceding year.
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Source & history notes
(L. 1986 H.B. 1435 & 1461) Effective 6-20-86
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